India’s PM Modi Bats for Blockchain Technology

This week saw two positive news about blockchain technology coming out from two different areas of the world. First, Apple co-founder Steve Wozniak compared Ethereum to Apple at Vienna Conference, saying “Ethereum could be the next Apple”. This will be total blasphemy if someone don’t understand the significance of this comparison.

In an another interesting news, Indian Prime Minister Narendra Modi bestowed his open support to Blockchain Technology. While speaking at a convocation ceremony of Sher-e-Kashmir University of Agricultural Sciences and Technology, Jammu & Kashmir, Modi openly praised about the future prospects of Blockchain technology placing it next to Artificial Intelligence (AI).

While speaking at the event Modi laid emphasis on how AI and Blockchain Technology is changing the agricultural sector for the betterment of farmers. He said,

In the coming years Blockchain technology will have a major impact on the agriculture sector as it can be used for real time monitoring of seeds and agriculture produce supply-chain which will help in improving production while reducing food waste.”

He further added,

This technology will also bring transparency in agricultural transactions and will eliminate middle men from exploiting farmers”.

Blockchain technology can be used as a public distributed ledger system where changing any record is almost impossible, thus providing transparency to the whole system.

Modi further said,

With the help of Blockchain technology, every step in the process from the production stage to produce reaching farmers, can be made open and transparent. There will be an entire network of people including farmers, regulatory bodies, processing units, customers etc. connected in the blockchain. All this will be possible with the help of rules, regulation and consensus system known as smart contracts. Because it will be based on a public ledger system there will be less scope for corruption.”

He emphasized youth to think out of box to further invigorate agriculture sector with the new and latest technologies.

However, central govt, finance ministry and India’s central bank, Reserve Bank of India (RBI) are so far hesitant to show any open support to cryptocurrencies, calling it unregulated and too risky for investors. During December, 2017 a Finance ministry release warned Indian citizens against investing in virtual currencies such as bitcoin, ripple and ethereum, comparing them with pyramid schemes, reminding that these were not legal tender and lacked any regulatory permission or protection.”

In April this year, RBI also banned all Indian banks to stop doing any financial business with cryptocurrency exchanges and any other crypto related services. Since then crypto investors, exchanges have flooded petitions all over the country calling the ban “arbitrary and unconstitutional”. Next ruling on the matter may occur on July 20 as Supreme Court stopped other courts from entertaining writs of similar nature.

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